HITS Act

[AI summary unavailable — showing source text] [Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 761 Introduced in House (IH)] <DOC> 119th CONGRESS 1st Session H. R. 761 To amend the Internal Revenue Code of 1986 to provide for an election to expense certain qualified sound recording costs otherwise chargeable to capital account. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES January 28, 2025 Mr. Estes (for himself and Ms. Sanchez) introduced the following bill; which was referred to the Committee on Ways and Means _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to provide for an election to expense certain qualified sound recording costs otherwise chargeable to capital account. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Help Independent Tracks Succeed Act'' or the ``HITS Act''. SEC. 2. TREATMENT OF CERTAIN QUALIFIED SOUND RECORDING PRODUCTIONS. (a) Election To Treat Costs as Expenses.--Section 181(a)(1) of the Internal Revenue Code o…